Articlegreen2020

Common Analysts: Method for Defining Peer Firms

71 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Financial Analysis and Corporate Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Abstract We develop a method for defining groups of peer firms on the basis of joint analyst coverage. Besides industry boundaries, analysts’ coverage choices reflect other aspects of firm relatedness such as business model. We find that the analyst-based method produces substantially more homogeneous groups of firms compared to common industry classifications, and has a number of other desirable properties. The paper has two broader implications. First, it demonstrates the advantages of a self-organizing approach to classification, as opposed to a hierarchical system. Second, it illustrates a new positive information production externality generated by the institution of security market analysis.

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References

1995What Do We Know about Capital Structure? Some Evidence from International Data 1997Industry costs of equity 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics 2010The financial reporting environment: Review of the recent literature 1995What Do We Know about Capital Structure? Some Evidence from International Data 2012The Network Origins of Aggregate Fluctuations 2016Text-Based Network Industries and Endogenous Product Differentiation

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